When is the last date to exchange old banknotes?

When is the last date to exchange old banknotes

The SBP\’s Banking Services Corporations have offices where old exchange old banknotes.

To make things easier for the public, the deadline has extended to December 31, 2022.

The federal government permitted the exchange of old Rs10, 50, 100, and 1,000 notes.

Following the consent of the federal government, the State Bank of Pakistan (SBP) announced an extension of the deadline. For exchanging outdated banknotes of Rs10, 50, 100, and 1,000.

The government has extended the deadline for exchanging obsolete banknotes of Rs10, 50, 100, and 1000 till December 31, 2022. According to a statement released by the State Bank of Pakistan (SBP).

Exchange old Banknotes

The old currency notes can exchanged at the offices of the SBP Banking Services Corporations, according to the central bank.

The banknotes can exchanged at SBP BSC offices in Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad, and D I Khan, according to the announcement.

Why are the notes replaced?

The central bank reiterated that the state bank is the country\’s sole issuer of banknotes and that one of its primary strategic goals is to ensure an adequate supply of high-quality banknotes across the country.

\”The SBP takes soiled and unsuitable banknotes from the market and exchanges them for new banknotes. With the approval of the federal government, the SBP prints new series of banknotes from time to time, and demonetizes the older series. Furthermore, under section 25(2) of the SBP Act, 1956, the Federal Cabinet approves the demonetisation of banknotes on the suggestion of the SBP Board,\” it stated.

The introduction of new series and the demonetization of older designs aid central banks. In combating counterfeiting and ensuring the integrity of banknotes in circulation.

From 2005 to 2008, a new series of banknotes was create. And the old design banknotes were gradually phase out of circulation. As a result, the federal government has decided to demonetize outdated design banknotes in Rs10, 50, 100, and 1000.

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